The European retail network of PEPCO fell victim to a complex phishing attack, resulting in the transfer of a significant amount of cash to fraudsters. The parent company, Pepco Group, which owns brands such as Poundland in the UK and Dealz in Ireland and Spain, reported the incident in an official press release.
The Hungarian division of Pepco Group was targeted by cybercriminals, causing a financial loss of approximately 15 million euros. The company is currently working with law enforcement and banks to track and freeze the stolen funds. Fortunately, the attack did not compromise the personal data of customers, suppliers, or employees.
Pepco reassured customers and business partners about the company’s financial stability, citing access to over 400 million euros in cash and credit. They also announced plans to conduct a thorough audit of systems and processes to enhance security measures in the future.
While technical details of the attack were not disclosed, there is speculation that the incident may have been a form of Business Email Compromise (BEC) fraud, which exploits vulnerabilities in business email systems.